Navigating the Challenges of Environmental, Social, and Governance (ESG) Reporting: The Path to Broader Sustainable Development

Shauhrat S. Chopra, Sachini Supunsala Senadheera, Pavani Dulanja Dissanayake, Piumi Amasha Withana, Rajeev Chib, Jay Hyuk Rhee, Yong Sik Ok

Research output: Contribution to journalReview articlepeer-review

Abstract

The ascent of environmental, social, and governance (ESG) reporting has established itself as a global standard in financial markets, reflecting a paradigm shift toward corporate sustainability. Despite this, persistent concerns surround the quality of ESG reporting and its tangible impact on Sustainable Development (SD). To address the imperative transition toward a broader SD agenda within the ESG reporting framework, this study delves into contemporary issues and challenges associated with ESG reporting. It emphasizes the scarcity of interdisciplinary expertise across diversified fields, which is a crucial element for establishing robust reporting mechanisms capable of encompassing the multifaceted nature of sustainability. To address this, ESG reporting should extend beyond its company-centric focus, adapting traditional accounting systems to more effectively incorporate evolving ESG disclosure demands. This adjustment will facilitate a transparent portrayal of environmental and social impacts. The Social and Environmental Accounting (SEA) framework presents a structured approach to facilitate this transformation. This study underscores key SEA aspects that will shape future research, including enhancing data accuracy, standardizing sustainability metrics, evaluating the influence of ESG reporting on stakeholders, and refining disclosure formats.

Original languageEnglish
Article number606
JournalSustainability (Switzerland)
Volume16
Issue number2
DOIs
Publication statusPublished - 2024 Jan

Bibliographical note

Publisher Copyright:
© 2024 by the authors.

Keywords

  • ESG
  • interdisciplinary
  • social and environmental accounting
  • sustainability accounting
  • sustainability reporting
  • sustainable development

ASJC Scopus subject areas

  • Computer Science (miscellaneous)
  • Geography, Planning and Development
  • Renewable Energy, Sustainability and the Environment
  • Environmental Science (miscellaneous)
  • Energy Engineering and Power Technology
  • Hardware and Architecture
  • Computer Networks and Communications
  • Management, Monitoring, Policy and Law

Fingerprint

Dive into the research topics of 'Navigating the Challenges of Environmental, Social, and Governance (ESG) Reporting: The Path to Broader Sustainable Development'. Together they form a unique fingerprint.

Cite this